A vacant, corner development site in Melbourne’s Moonee Ponds has been purchased for $2,811,000 by a domestic developer.
CBRE’s David Minty, Nathan Mufale, Alex Brierley and JJ Heng managed the sale of 48 Holmes Road, Moonee Ponds, which sold for $211,000 above the on-market reserve.
The 1,164sqm site is zoned General Residential and was previously earmarked for a three-storey apartment project comprising 11 units.
“Following a campaign that generated more than 150 enquiries, the property sold under the hammer following strong bidding from domestic and international developers,” Mr Minty said.
“The sale represents a strong rate of $255,000 per apartment site and highlights the confidence in the outlook for Melbourne’s housing market. This is being underpinned by record low interest rates and a shortage of supply with less than half the weekly auctions taking place this year compared to last year.”.
Mr Mufale added; “We have experienced a notable increase in buyer confidence and activity post Melbourne’s Stage 4 lockdown period, with our team transacting 15 properties in the past six weeks.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
